Here are the materials I used. Five pieces of white foam board, three rolls of white duct tape, a pencil, a t-square, an X-acto knife, and a large piece of cardboard to do my cutting on.
The first thing I did was mark out on the foam board the area I wanted to cut out. For stability, I marked 1.5 inches into each side. On the cardboard light box I made before I only went in 0.75 inches. This made the box a little flimsy and hard to move around. Sometimes the sides wanted to bend in.
Here is one of the cut-out panels. I used my t-square again to keep my cuts as even as possible. I cut out four of my pieces of foam board exactly like this leaving the fifth piece to use as the bottom.
Here they are all cut out and ready to be assembled.
I used the white duct tape to piece the five sides together. It's worth noting that I did have to cut down the back side to fit. I decided to do this as I was putting it together to make sure I would cut off the right amount. Also, I liked making the light box this way because there is no lip on the front. That was a problem I had to deal with on the one made from cardboard.
The last step was to cover the holes with tissue paper. This acts very nicely to diffuse the light. I used one of the cut-outs to help keep the paper flat and in place as I was taping it. Initially, I wanted to create a light box to control reflections when I shoot glass. As you'll see in the following images, another benefit is being able to control shadows.